Sears Game of Chutes and Ladders

Sears Holdings' results prompted stock-market cheers Thursday. But the applause may be short-lived.

The retailer said it lost $3.37 a share in the quarter ended Feb. 1, compared with a loss of $4.61 in the like period a year earlier, with domestic same-store sales falling 6.4%. That wouldn't normally count as good news. But after adjusting for a variety of items, Sears's per-share loss wasn't as bad as the two analysts still submitting estimates to FactSet (and who both have the equivalent of "sell" ratings on...